CORN HIGHLIGHTS:

• Corn market continues to struggle with the influence of favorable weather, a late selloff in the wheat market, and the influence of July options expiration and First Notice Day limit upside potential. July and December posted new contract low closes at the end of the session. July corn lost 2 ¾ cents to 407, and December slipped another 2 ½ cents to 434 ¾.
• July corn options expire on June 26, followed by First Notice Day for July contracts on June 30. This window can bring pressure into the corn market as holders of July contracts need to price old crop bushels. These two events can bring extra volatility into the corn market.
• Weekly ethanol production totaled 320 million gallons, down slightly from the previous week and 1% below last year. Corn usage for ethanol was estimated at 107 million bushels, running just under the pace needed to meet USDA’s recently reduced ethanol demand forecast.
• USDA will release weekly export sales on Thursday morning. Expectations are for sales to range from 600,000-1.3 MMT for old crop and 300,000-1.0 MMT for new crop. Last week, export sales totaled 1.157 MMt for old and 519,000MT for new crop. The market will be watching export shipment totals closely with the amount of corn left to ship and the end of the marketing year only 10 weeks away (Aug. 31).
• Forecasts call for warmer-than-normal temperatures across much of the Corn Belt into early July, while rainfall may become more limited in some areas. For now, conditions remain largely favorable, but market attention is beginning to shift toward mid-July weather as the crop approaches the critical pollination period.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower and faded from higher prices earlier in the day as lower crude oil pressured the grains. July soybeans lost 8-1/4 cents to $11.08-3/4 while November lost 6-3/4 cents to $11.35. July soybean meal gained $0.70 to $303.60, but the deferred contracts were lower. July soybean oil lost 1.13 cents to 69.46 cents as it followed a $3 loss in crude.
• Attention is shifting toward USDA’s June 30 Planted Acreage report. Analysts expect farmers to have planted 85.25 million soybean acres, up from USDA’s March estimate of 84.7 million acres, as lower input costs compared to corn encouraged some acreage shifts toward soybeans.
• Brazil’s soybean industry group Abiove raised its 2026 crush forecast to 63 MMT, reflecting continued strong demand for soybean products. Brazilian soybean exports are projected to reach 114.1 MMT, reinforcing expectations for abundant global supplies and continued competition in export markets.
• Estimates for tomorrow’s export sales report see soybean sales for 25/26 between 100k and 500k tons which would compare to 424.9k tons last week. Sales for 26/27 are seen between 450 and 1,000k tons which would compare to 304k tons last week.

WHEAT HIGHLIGHTS:

• Wheat faded well off session highs to close in a mixed manner. The US Dollar Index hit another near-term high today, which kept pressure on the market. Additionally, the energy markets continue to drift lower – this afternoon spot crude is down nearly $3/barrel – this is also weighing on the grain complex. In the July contract, Chicago lost 1 cent to 585-3/4, Kansas City fell 1 cent to 617-1/4, and MIAX declined 3-3/4 cents to 584-1/4.
• Over the next 15 days, much of Australia is forecasted to receive normal to above normal rainfall. This should help replenish soil moisture. Additionally, warmer temperatures should minimize any planting delays of the wheat crop.
• According to estimates from Rusagrotrans, Russia’s 25/26 wheat exports may reach 47.7 mmt. If realized, this total would be 5.5 mmt above the previous season. Furthermore, through June 22, they report exports of wheat totaled 1.55 mmt for the month. Total June exports are forecasted at 2.26 mmt, which would be well above the 1.36 mmt shipped in June last year.
• Egypt is reportedly in talks with Poland, with the discussion centering around increasing imports of wheat. Egypt is one of the top global wheat importers – they are seeking to diversify their suppliers and increase strategic grain reserves.

DAIRY HIGHLIGHTS:

• The spot cheese trade finally caught some bidding, with blocks up 2.50c and barrels up 1.75c. There were 26 loads of blocks traded, with steady buying for a change.
• The Class IV spot trade was mixed. Butter jumped 5c to $1.5250/lb, but powder lost 2.50c and closed to $1.5750/lb.
• Milk futures continue to spiral lower, with most closing red once again. July Class III fell 7c, while August and September were down 15c and 13c, respectively.
• The Central US cheese report cited strong milk production in the region again this week. Cheesemakers are running busy schedules.
• The Q3 2026 Class III milk average is now nearly $3.00/cwt off of its April 27 high.

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Author

Brandon Doherty